Document And Entity Information
Document And Entity Information - Jun. 30, 2015 - shares | Total |
Document and Entity Information [Abstract] | |
Entity Registrant Name | RJO Global Trust |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 0 |
Amendment Flag | false |
Entity Central Index Key | 1,027,099 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Smaller Reporting Company |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Equity in commodity Trading accounts: | ||
Cash on deposit with broker | $ 6,053,085 | $ 8,868,386 |
Unrealized gain on open contracts | 29,574 | 481,931 |
Total due from broker | 6,082,659 | 9,350,317 |
Cash and cash equivalents on deposit with affiliate | 1,506,518 | 512,044 |
Cash on deposit with bank | 212,073 | 577,715 |
Interest receivable | 142 | 85 |
Prepaid expenses - offering | 6,553 | 0 |
Receivable from US Bank - see Note (1) | 22,310 | 0 |
Cash on deposit with bank - Non-Trading | 0 | 1,488,635 |
Total Assets | 7,830,255 | 11,928,796 |
Equity in commodity Trading accounts: | ||
Options written on futures contracts (premiums received $36,422 and $16,012, respectively) | 35,071 | 15,976 |
Accrued commissions | 16,056 | 22,388 |
Accrued management fees | 17,895 | 21,207 |
Accrued incentive fees | 11,930 | 126,277 |
Accrued operating expenses | 136,641 | 175,834 |
Accrued offering expenses | 0 | 18,660 |
Subscriptions received in advance | 0 | 500,000 |
Redemptions payable-Trading | 93,536 | 289,671 |
Accrued legal fees- Non-Trading | 0 | 2,000 |
Accrued management fees to U.S. Bank-Non-Trading | 0 | 11,407 |
Distribution payable - see Note (1) | 22,310 | 258,800 |
Total liabilities | 333,439 | 1,442,220 |
Beneficial owners | ||
Unitholders' Capital | 7,411,371 | 10,486,576 |
Unitholders' capital (LLC equity/Non-Trading): | ||
Non-Controlling Interests | 85,445 | 0 |
Total Capital | 7,496,816 | 10,486,576 |
Total Liabilities and Unitholders' Capital | $ 7,830,255 | $ 11,928,796 |
LLC Equity/Non-Trading [Member] | ||
Trading: | ||
Net Asset Value Per Unit (in Dollars per share) | $ 0 | $ 0.54 |
Capital Unit, Class A [Member] | Trading [Member] | ||
Trading: | ||
Net Asset Value Per Unit (in Dollars per share) | 59.48 | 67.49 |
Capital Unit, Class B [Member] | Trading [Member] | ||
Trading: | ||
Net Asset Value Per Unit (in Dollars per share) | $ 67.75 | $ 76.11 |
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | ||
Beneficial owners | ||
Unitholders' Capital | $ 7,313,499 | $ 9,156,293 |
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | ||
Beneficial owners | ||
Unitholders' Capital | 66,052 | 77,713 |
Limited Partner [Member] | Participating Owners [Member] | LLC Equity/Non-Trading [Member] | ||
Beneficial owners | ||
Unitholders' Capital | 0 | 61,804 |
Limited Partner [Member] | Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | ||
Beneficial owners | ||
Unitholders' Capital | 0 | 1,154,659 |
General Partner [Member] | Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | ||
Beneficial owners | ||
Unitholders' Capital | $ 31,820 | $ 36,107 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Options written on futures contracts, premiums received (in Dollars) | $ 36,422 | $ 16,012 |
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | ||
Units outstanding | 122,964 | 135,669 |
Limited Partner [Member] | Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | ||
Units outstanding | 975 | 1,021 |
Limited Partner [Member] | Participating Owners [Member] | LLC Equity/Non-Trading [Member] | ||
Units outstanding | 0 | 115,497 |
Limited Partner [Member] | Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | ||
Units outstanding | 0 | 2,157,791 |
General Partner [Member] | Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | ||
Units outstanding | 535 | 535 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gain (loss) on trading of commodity contracts: | ||||
Realized gain (loss) on closed positions | $ (754,013) | $ 128,689 | $ 16,027 | $ (485,931) |
Change in unrealized gain (loss) on open positions | (169,938) | 51,874 | (451,006) | (616,380) |
Foreign currency transaction gain (loss) | 19,072 | 4,349 | (3,614) | 385 |
Total Trading gain (loss) | (904,879) | 184,912 | (438,593) | (1,101,926) |
Net investment income (loss): | ||||
Interest income | 367 | 6,063 | 857 | 20,672 |
Realized gain (loss) on fixed income securities | 0 | (51,697) | 0 | (51,697) |
Change in unrealized gain (loss) on fixed income securities | 0 | 48,377 | 0 | 36,503 |
Total net investment gain (loss) | 367 | 2,743 | 857 | 5,478 |
Expenses: | ||||
Advisory fees | 0 | 1,281 | 3,188 | |
Management fees | 58,754 | 72,577 | 123,100 | 151,561 |
Incentive fees | 11,931 | 0 | 86,742 | |
Investment Manager Incentive fees | 0 | 2,224 | ||
Ongoing offering expenses | 8,650 | 18,000 | 13,600 | 36,000 |
Operating expenses | 84,550 | 126,000 | 162,750 | 234,000 |
Total expenses | 255,923 | 361,004 | 584,134 | 707,211 |
Trading income (loss) | (1,160,435) | (173,349) | (1,021,870) | (1,803,659) |
Less: Operations attributed to non-controlling interests | (14,555) | (14,555) | ||
Trading income (loss) net of non-controlling interests | (1,145,880) | (173,349) | (1,007,315) | (1,803,659) |
Non-Trading income (loss): | ||||
Interest on Non-Trading reserve | 12 | 35 | 25 | 85 |
Legal and administrative fees | (219,852) | (19,425) | (301,763) | (17,111) |
Management fees paid to US Bank | (407,083) | (31,195) | (451,942) | (82,945) |
Non-Trading income (loss) | (626,923) | (50,585) | (753,680) | (99,971) |
Net income (loss) | (1,772,803) | (223,934) | (1,760,995) | (1,903,630) |
Capital Unit, Class A [Member] | ||||
Expenses: | ||||
Commissions | 90,929 | 141,544 | 193,274 | 279,077 |
Capital Unit, Class B [Member] | ||||
Expenses: | ||||
Commissions | 448 | 1,602 | 918 | $ 3,385 |
Capital Unit, Class C [Member] | ||||
Expenses: | ||||
Commissions | $ 0 | 865 | ||
Non-controlling Interests [Member] | ||||
Expenses: | ||||
Commissions | $ 661 | $ 661 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Unitholders' Capital (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 102 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | |
Unitholders Capital | $ 10,486,576 | ||
Income (loss) | $ (1,772,803) | (1,760,995) | |
Unitholders' distribution - see Note (1) | $ 12,457,447 | ||
Unitholders Capital | 7,496,816 | 7,496,816 | 7,496,816 |
Beneficial Owners -Trading Class A [Member] | Limited Partner [Member] | |||
Unitholders Capital | $ 9,156,293 | ||
Unitholders Capital (in Shares) | 135,669 | ||
Income (loss) | $ (1,014,949) | ||
Unitholders redemptions | $ (827,845) | ||
Unitholders redemptions (in Shares) | (12,705) | ||
Unitholders Capital | $ 7,313,499 | $ 7,313,499 | $ 7,313,499 |
Unitholders Capital (in Shares) | 122,964 | 122,964 | 122,964 |
Beneficial Owners - Trading Class B [Member] | Limited Partner [Member] | |||
Unitholders Capital | $ 77,713 | ||
Unitholders Capital (in Shares) | 1,021 | ||
Income (loss) | $ (8,099) | ||
Unitholders redemptions | $ (3,562) | ||
Unitholders redemptions (in Shares) | (46) | ||
Unitholders Capital | $ 66,052 | $ 66,052 | $ 66,052 |
Unitholders Capital (in Shares) | 975 | 975 | 975 |
Beneficial Owners - Trading Class C [Member] | Limited Partner [Member] | |||
Income (loss) | $ 20,020 | ||
Unitholders' contributions | $ 500,000 | ||
Unitholders' contributions (in Shares) | 6,569 | ||
Unitholders redemptions | $ (520,020) | ||
Unitholders redemptions (in Shares) | (6,569) | ||
Managing Owners - Trading Class A [Member] | General Partner [Member] | |||
Unitholders Capital | $ 36,107 | ||
Unitholders Capital (in Shares) | 535 | ||
Income (loss) | $ (4,287) | ||
Unitholders Capital | $ 31,820 | $ 31,820 | $ 31,820 |
Unitholders Capital (in Shares) | 535 | 535 | 535 |
Unitholders' Capital - Trading [Member] | |||
Unitholders Capital | $ 9,270,113 | ||
Unitholders Capital (in Shares) | 137,225 | ||
Income (loss) | $ (1,007,315) | ||
Unitholders' contributions | $ 500,000 | ||
Unitholders' contributions (in Shares) | 6,569 | ||
Unitholders redemptions | $ (1,351,427) | ||
Unitholders redemptions (in Shares) | (19,320) | ||
Unitholders Capital | $ 7,411,371 | $ 7,411,371 | $ 7,411,371 |
Unitholders Capital (in Shares) | 124,474 | 124,474 | 124,474 |
Noncontrolling Interest [Member] | |||
Income (loss) | $ (14,555) | ||
Unitholders' contributions | 100,000 | ||
Unitholders Capital | $ 85,445 | 85,445 | $ 85,445 |
Participating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member] | |||
Unitholders Capital | $ 61,804 | ||
Unitholders Capital (in Shares) | 115,497 | ||
Income (loss) | $ (36,957) | ||
Unitholders redemptions | $ (3,571) | ||
Unitholders redemptions (in Shares) | (10,980) | ||
Unitholders' distribution - see Note (1) | $ (21,276) | ||
Unitholders' distribution - see Note (1) (in Shares) | (104,517) | ||
Nonparticipating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member] | |||
Unitholders Capital | $ 1,154,659 | ||
Unitholders Capital (in Shares) | 2,157,791 | ||
Income (loss) | $ (716,723) | ||
Unitholders redemptions | $ 3,571 | ||
Unitholders redemptions (in Shares) | 10,980 | ||
Unitholders' distribution - see Note (1) | $ (441,507) | ||
Unitholders' distribution - see Note (1) (in Shares) | (2,168,771) | ||
Unitholders' Capital - LLC Equity/Non-Trading [Member] | |||
Unitholders Capital | $ 1,216,463 | ||
Unitholders Capital (in Shares) | 2,273,288 | ||
Net asset value per unit at December 31, 2014 (in Dollars per share) | $ 0.54 | ||
Net change per unit (in Dollars per share) | $ (0.54) | ||
Income (loss) | $ (753,680) | ||
Unitholders' distribution - see Note (1) | $ (462,783) | ||
Unitholders' distribution - see Note (1) (in Shares) | (2,273,288) | ||
Capital Unit, Class A [Member] | |||
Net asset value per unit at December 31, 2014 (in Dollars per share) | $ 67.49 | ||
Net change per unit (in Dollars per share) | (8.01) | ||
Net asset value per unit at June 30, 2015 (in Dollars per share) | $ 59.48 | 59.48 | $ 59.48 |
Capital Unit, Class B [Member] | |||
Net asset value per unit at December 31, 2014 (in Dollars per share) | 76.11 | ||
Net change per unit (in Dollars per share) | (8.36) | ||
Net asset value per unit at June 30, 2015 (in Dollars per share) | $ 67.75 | $ 67.75 | $ 67.75 |
Schedule of Investments
Schedule of Investments | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Investments [Abstract] | |
Investment Holdings, Schedule of Investments [Text Block] | June 30, 2015 December 31, 2014 Percentage of Percentage of Net Assets Fair value Net Assets Fair value UNAUDITED Long Positions Futures Positions Agriculture 3.05 % $ 228,668 -0.50 % $ (52,553 ) Currency -0.04 % (2,900 ) 0.00 % - Energy -0.18 % (13,307 ) -0.12 % (12,759 ) Indices -0.61 % (45,808 ) 0.00 % (175 ) Interest rates -0.01 % (1,032 ) 1.59 % 166,261 Metals -0.04 % (3,220 ) -0.01 % (1,425 ) Forward Positions Currency 0.07 % 5,268 0.26 % 27,671 Total long positions on open contracts $ 167,669 $ 127,020 Short Positions Futures Positions Agriculture -2.27 % $ (170,126 ) 0.89 % $ 93,077 Currency -0.15 % (11,567 ) 0.38 % 39,919 Energy 0.26 % 19,183 2.05 % 215,346 Indices 0.15 % 11,062 0.00 % - Interest rates -0.10 % (7,402 ) 0.00 % - Metals 0.15 % 11,480 0.43 % 44,785 Forward Positions Currency 0.12 % 9,275 -0.36 % (38,216 ) Total short positions on open contracts $ (138,095 ) $ 354,911 Total unrealized gain on open contracts $ 29,574 $ 481,931 Short put options on futures contracts Agriculture(premiums received - $7,588 and $8,212, respectively) -0.05 % $ (3,688 ) -0.11 % $ (11,963 ) Energy (premiums received - $10,240 and $0, respectively) -0.12 % (9,140 ) 0.00 % - Total short put options on futures contracts $ (12,828 ) $ (11,963 ) Short call options on futures contracts Agriculture(premiums received - $7,112 and $7,800, respectively) -0.16 % $ (11,913 ) -0.04 % $ (4,013 ) Energy (premiums received - $11,482 and $0, respectively) -0.14 % (10,330 ) 0.00 % - Total short call options on futures contracts $ (22,243 ) $ (4,013 ) Total options written on futures contracts $ (35,071 ) $ (15,976 ) |
General Information and Summary
General Information and Summary | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | (1) General Information and Summary The RJO Global Trust (the “Trust”), is a Delaware statutory trust organized on November 12, 1996 under the Delaware Statutory Trust Act. The business of the Trust is the speculative trading of commodity interests, including U.S. and international futures, spot and forward contracts on currencies, interest rates, energy and agricultural products, metals and stock indices, hybrid instruments, swaps, any rights pertaining thereto and any options thereon or on physical commodities, as well as securities and any rights pertaining thereto and any options thereon, pursuant to the trading instructions of multiple independent commodity trading advisors (each a “Trading Advisor” and collectively, the “Trading Advisors”). R.J. O’Brien Fund Management, LLC, the managing owner of the Trust (“RJOFM” or the “Managing Owner”), acquired the managing owner interest in the Trust from Refco Commodity Management, Inc. (“RCMI”) on November 30, 2006. The Managing Owner of the Trust was initially formed as an Illinois corporation in November 2006, and became a Delaware limited liability company in July of 2007. The Managing Owner has been registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and has been a member in good standing of the National Futures Association (“NFA”) in such capacity, since December 1, 2006. The Managing Owner is registered as a commodity pool operator under the Commodity Exchange Act, as amended (“CE Act”), and is responsible for administering the business and affairs of the Trust. The Managing Owner is an affiliate of R.J. O’Brien & Associates LLC, the clearing broker for the Trust (“RJO” or the “Clearing Broker”). Units of beneficial ownership of the Trust (“units”) commenced selling on April 3, 1997. Effective July 1, 2011, the Managing Owner discontinued the public offering of the units and began offering the units on a private placement basis only. The Trust filed a Post-Effective Amendment to its Registration Statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) on July 5, 2011 to deregister the remaining units that were unsold under the public offering. The Post-Effective Amendment was declared effective by the SEC on July 8, 2011. Effective January 15, 2014, the Managing Owner began offering Class C and Class D units. The Class A and Class B units are no longer offered. Pursuant to an Investment Management Agreement dated August 30, 2013 (the “Investment Management Agreement”), the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (“RPM” or the “Investment Manager”). The Trust remains a multi-advisor commodity pool where trading decisions for the Trust are delegated to the Trading Advisors, representing the Investment Manager’s “Evolving Manager Program”. RPM is responsible for selecting, monitoring, and replacing each commodity trading advisor available for its Evolving Manager Program. RPM is also responsible for the Trust’s allocations to each Trading Advisor through the Trust’s investment in RJ OASIS (as defined below). RPM may also add, remove or replace any Trading Advisor without the consent of or advance notice to investors. Investors will be notified of any material change in the basic investment policies or structure of the Trust. The Evolving Manager Program seeks to identify and select commodity trading advisors with shorter track records and with smaller assets under management who, in the opinion of the Investment Manager, appear to have potential for long-term over-performance relative to their respective peer group. RPM may add, delete or modify such categories of investment strategies in line with its investment objective and policy. The strategies include three broad based categories that are described as follows (each, an “Eligible Strategy”): · Trend Following · Short-Term Trading · Fundamental Trading. The Investment Manager will, in its discretion, determine the minimum or maximum target allocation or allocation range, or the manner in which to rebalance the Trust or adjust relative weightings of the Trust. RPM has complete flexibility in allocation and reallocating the Trust’s capital in any manner that it may deem appropriate. There can be no assurance as to which factors the Investment Manager may consider in making capital allocations for the Trust, or as to which allocation the Investment Manager may make. The Trust’s assets are currently allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM. Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each, a “Trading Company” and collectively, the “Trading Companies”). The Trading Companies are operated by RJOFM. On January 31, 2015, the Trust entered into the Tenth Amended and Restated Declaration and Agreement of Trust (the “Trust Agreement”) to aggregate comments made through previous amendments to the Ninth Amended and Restated Declaration and Agreement of Trust, as well as to: (i) make certain clarifying edits; (ii) reflect certain updates to the language regarding the fees and expenses of the Trust; and (iii) revise language regarding certain regulatory requirements of the Trust that are no longer applicable. None of the foregoing items were expected to significantly affect the unitholders. As of June 30, 2015, prior to quarter-end reallocation, RPM has delegated trading decisions for the Trust to six independent Trading Advisors: Revolution Capital Management, LLC (“RCM”), PGR Capital LLP (“PGR”), Centurion Investment Management, LLC (“CIM”), ROW Asset Management, LLC (“ROW”), Turning Wheel Capital, Inc. (“TWC”) and Claughton Capital, LLC (“Claughton”), pursuant to advisory agreements executed between the Managing Owner, the Investment Manager, and, as applicable, each Trading Company and each Trading Advisor (each an “Advisory Agreement” and collectively the “Advisory Agreements”). The Advisory Agreements provide that each Trading Advisor has discretion in and responsibility for the selection of the Trading Company’s commodity transactions with respect to that portion of the series’ assets allocated to it. As of June 30, 2015, prior to quarter-end reallocation, RCM was managing 18.12%, PGR 12.94%, CIM 20.71%, ROW 18.17%, TWC 4.24% and Claughton 2.80% of the Trust’s assets, respectively. Approximately 22.02% of the Trust’s assets were not allocated to any Trading Advisor. RCM, PGR, CIM, ROW, TWC, and Claughton are technical traders, and as such, their programs do not predict price movements. No fundamental economic supply or demand analysis is used in attempting to identify mispricing in the market, and no macroeconomic assessments of the relative strengths of different national economies or economic sectors are made. However, there are frequent periods during which fundamental factors external to the market dominate prices. The Trust has no officers, directors or employees. RJO is a “futures commission merchant,” the Managing Owner is a “commodity pool operator” and the Trading Advisors to the Trust are “commodity trading advisors,” as those terms are used in the CE Act. As such, they are registered with and subject to regulation by the CFTC and are each a member of NFA in such respective capacities. R.J. O’Brien Securities, LLC, an affiliate of RJOFM and the lead selling agent for the Trust, is registered as a broker-dealer with the SEC, and is a member of the Financial Industry Regulatory Authority (“FINRA”). The Managing Owner is responsible for the preparation of monthly and annual reports to the beneficial owners of the Trust (the “Beneficial Owners”), filing reports required by the CFTC, the NFA, the SEC and any state agencies having jurisdiction over the Trust; calculation of the Trust’s net asset value (“NAV”) (meaning the total assets less total liabilities of the Trust) and directing payment of the management and incentive fees payable to the Investment Manager and Trading Advisors under the Investment Management Agreement and Advisory Agreements, as applicable. The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following: (1) Beneficial Owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decrease in the NAV to less A portion of the Trust’s net assets are deposited in the Trust’s accounts with RJO, the Trust’s clearing broker and currency dealer. For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust. For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points. Any amounts received by RJO in excess of amounts paid to the Trust are retained by RJO. On October 6, 2010, the Managing Owner appointed RJO Investment Management LLC (“RJOIM”), an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells Fargo Bank, N.A. (“Wells”). As of June 30, 2015, Wells held approximately $1.5 million of the Trust’s assets. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. As of June 30, 2015, accounting and transfer agency services for the Trust are provided by NAV Consulting, Inc., the Trust’s administrator. In 2005, certain assets held by the Trust’s prior clearing broker, Refco Capital Markets, LTD (“REFCO, LTD”), were determined to be illiquid. On October 31, 2005, $57,544,206 of equity was moved to a separate non-trading account (the “Non-Trading Account”) and 2,273,288 in substitute units were issued to the unitholders at that time, pro rata Through 2006, the Trust received $10,319,318 from the prior clearing broker in bankruptcy court and distributed $9,335,669 to unitholders in the manner as described in (a) and (b) below. Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a limited liability company, was established to pursue additional claims against REFCO, LTD, and all Non-Trading Accounts were transferred to the LLC. Any new funds received from REFCO, LTD by the LLC were distributed to unitholders who were investors in the Trust at the time of the bankruptcy of REFCO, LTD and Refco, Inc. U.S. Bank National Association (“US Bank”) was appointed as manager of the LLC. US Bank made distributions to the unitholders, as defined above, upon collection, sale, settlement or other disposition of the bankruptcy claim and after payment of all fees and expenses pro rata (a) Any unitholder who had redeemed their entire interest in the Trust prior to distribution received cash (“Non-Participating Owners”). (b) Any unitholder who had continued to own units in the Trust received additional units in the Trust at the then net asset value of the Trust (“Participating Owner”). The unitholders had no rights to request redemptions from the LLC. The LLC compensated US Bank, as manager, the following: (1) an initial acceptance fee of $120,000, (2) an annual fee of $25,000, (3) a distribution fee of $25,000 per distribution, (4) out-of-pocket expenses, and (5) an hourly fee for all personnel at the then expected hourly rate (initially $350 per hour). Effective as of June 15, 2015 (the “Termination Date”), the LLC was dissolved by US Bank. US Bank effected the dissolution based upon their belief that substantially all of the LLC’s claims had been liquidated and the related proceeds had been distributed to the unitholders, and that the LLC was not likely to receive further significant recoveries related to such claims. Accordingly, the LLC has ceased to carry on its business as of the Termination Date except insofar as may be necessary for the winding up of its business. As of the Termination Date, the LLC has taken full account of its assets and liabilities, and has made payment or has otherwise provided for all of its remaining debts and liabilities. US Bank has established a contingency reserve with all remaining funds from the LLC in its possession in the approximate amount of $475,000 to pay for any future wind up expenses of, or other claims made against, the LLC on or prior to June 15, 2017 (the “Reserve Termination Date”). To the extent no claims or obligations of the LLC remain outstanding as of the Reserve Termination Date (as determined in US Bank’s reasonable discretion), US Bank will distribute the then remaining funds to the unitholders, provided, however, if the amount of remaining funds available for distribution does not significantly exceed the cost of making such distribution, US Bank reserves the right to donate the remaining amounts to a nationally recognized charity. Accordingly, the LLC/Non-trading unitholders capital accounts were distributed to US Bank on the Termination Date. Amounts estimated to be due to Participating Owners aggregating $22,310 are reflected as a distribution payable and a receivable from US Bank in the Consolidated Statements of Financial Condition. See Note (6) for further detail regarding collection and distribution activity related to the assets held at REFCO, LTD. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (2) Summary of Significant Accounting Policies The accounting and reporting policies of the Trust conform to accounting principles generally accepted in the United States of America and to practices in the commodities industry. The following is a description of the more significant of those policies that the Trust follows in preparing its consolidated financial statements. (a) Basis of Presentation The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the financial condition and results of operations of the Trust for the periods presented have been included. The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2014. While the Trust is not registered, and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended, it meets the definition of an investment company within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (b) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Trust, its wholly-owned subsidiaries: the LLC through the Termination Date (see Note (1) above), the OASIS Centurion Investment Mgmt Series, OASIS Turing Wheel Capital Series, and OASIS Claughton Capital Series. The consolidated financial statements also include the controlling and majority equity interest in the OASIS Revolution Capital Management Series, OASIS PGR Capital Series and ROW Asset Mgmt. Series. Interests in such series of RJ OASIS not wholly-owned by the Trust are shown as non-controlling interests. All material intercompany transactions have been eliminated upon consolidation. (c) Revenue Recognition Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date. All such transactions are recorded on a mark-to-market basis and measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the reporting period or as of the last date of the consolidated financial statements. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated. The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid. For each series of RJ OASIS in which the Trust invests, that portion of the Trust’s net assets are deposited into an account of the relevant Trading Company held at RJO, the clearing broker and currency dealer for each Trading Company. For U.S. dollar deposits, 100% of interest earned on the series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series. For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points. Any amounts received by RJO in excess of amounts paid to the series are retained by RJO. On October 6, 2010, the Managing Owner appointed RJOIM, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells. As of June 30, 2015, Wells held approximately $1.5 million of the Trust’s assets. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. ( d) Ongoing Offering Costs Ongoing offering costs, subject to a ceiling of 0.50% of the Trust’s average month-end net asset value, are paid by the Trust and accrued monthly. (e) Foreign Currency Transactions Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates. Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations. (f) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (g) Valuation of Assets Held at Refco Capital Markets, Ltd. The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statements of operations. As part of the winding down of the LLC, US Bank, as Manager of the LLC, has taken into full account the LLC’s liabilities and assets, and has made payment and otherwise provided for all remaining LLC’s debts and liabilities. See Note (6) for further details. (h) Recent Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) |
Fees
Fees | 6 Months Ended |
Jun. 30, 2015 | |
Fees and Commissions [Abstract] | |
Fees And Commissions [Text Block] | (3) Fees Management fees are accrued and paid monthly by the relevant series’ Trading Company. Incentive fees are accrued monthly and paid quarterly, as applicable, by the relevant series’ Trading Company. Trading decisions for the period of these financial statements were made by the Trading Advisors. Pursuant to the Trust Agreement, the Trust pays the Managing Owner a fee of 0.50% of the Trust’s month-end net assets on an annual basis. Pursuant to the Investment Management Agreement, the Trust pays RPM a monthly management fee at a rate of 0.0625% (a 0.75% annual rate) of the Trust’s month-end net asset calculated after determined and before reduction for any RPM management fees then being calculated and all other fees and expenses as of such month end, and before giving effect to any subscriptions for units in the Trust made as of the beginning of the month immediately following such month end and to any distributions or redemptions accrued during or as of such month end. These management fees are not paid on the LLC’s net assets. Pursuant to the Investment Management Agreement, RPM will receive from the Class C and D units a quarterly incentive fee of 10% of any “New Appreciation”, if any, of any New Assets. “New Assets” are that portion of the assets contributed to the Trust from the date of the Investment Management Agreement. New Appreciation in any quarter is equal to the amount by which the net asset value of the New Assets, prior to reduction for any accrued RPM performance fee, but after reduction for all other fees and expenses allocable to the New Assets (including the RPM management fee and management and incentive fees paid to the Trading Advisors, as described below), exceeds the cumulative trading profit as of any previous calendar quarter-end. Interest income shall not be taken into account in calculating New Appreciation. This incentive fee is not paid on the LLC’s capital appreciation (if any). Pursuant to the Advisory Agreements, each Trading Advisor receives from the relevant series’ Trading Company a monthly management fee at the rate of up to 0.083% (a 1% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month. These management fees are not paid on the LLC’s net assets. Pursuant to its Advisory Agreement, each Trading Advisor may also receive from the relevant series’ Trading Company a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust. The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end. Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee. These incentive fees are not paid on the LLC’s capital appreciation (if any). For a description of the fees paid by the Trust to RJOIM, the Trust’s cash manager, see Note (10). |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (4) Income Taxes It is expected that that the Trust will be treated as a “partnership” for both U.S. federal and state tax purposes. As such, no provision for U.S. federal income taxes has been made in the accompanying consolidated financial statements as each beneficial owner is responsible for reporting income (loss) based on its pro rata The Trust files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. The Trust’s U.S. federal income tax returns for all tax years ended on or after December 31, 2012, remain subject to examination by the Internal Revenue Service. The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing. |
Trading Activities and Related
Trading Activities and Related Risks | 6 Months Ended |
Jun. 30, 2015 | |
Trading Activities And Related Risks [Abstract] | |
Trading Activities And Related Risks [Text Block] | (5) Trading Activities and Related Risks The Trust, through its indirect investment in the Trading Companies, engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives). These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Trading Companies are exposed to both market risk - the risk arising from changes in the market value of the contract - and credit risk - the risk of failure by another party to perform according to the terms of a contract. The purchase and sale of futures requires initial and on-going margin deposits with a futures commission merchant (“FCM”). The CE Act requires an FCM to segregate or secure all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property, such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a customer’s pro rata The Trust, through its indirect investment in the Trading Companies, has cash on deposit with the FCM in connection with its trading of forward contracts. In the normal course of business, the Trust does not require collateral from such interbank market maker. Due to forward contracts being traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counterparty non-performance. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trading Companies are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. A Trading Company, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Trading Company may not be able to enter into a closing transaction because of an illiquid market. The Trading Companies may purchase exchange-traded options. As such, the relevant Trading Company pays a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Purchased options expose the Trading Companies to a risk of loss limited to the premiums paid. Net trading results from derivatives for the six month periods ended June 30, 2015 and 2014, respectively, are reflected in the consolidated statements of operations and are equal to the gain or loss from trading less brokerage commissions. Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts, options and forward contracts through its indirect investment with the Trading Companies. The Trust invests its margin in fixed income securities as permitted by CFTC regulations regarding acceptable securities for investment of segregated assets and the RJOIM agreement with the Trust. Such acceptable securities, include, but are not limited to, U.S. Treasury and government agencies’ securities, purchase agreements collateralized by U.S. Treasury and government agencies, corporate debt securities, and bank debt securities. The Trust’s total investment in corporate debt securities, bank deposit securities, and certificate of deposits combined cannot exceed 40% of the Trust’s total assets. The Beneficial Owners bear the risk of loss only to the extent of the market value of their respective investments in the Trust. See Note (11) for further details on Derivative Instruments and Hedging Activities. |
Assets Held at Refco Capital Ma
Assets Held at Refco Capital Markets, Ltd. | 6 Months Ended |
Jun. 30, 2015 | |
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract] | |
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Text Block] | (6) Assets Held at Refco Capital Markets, Ltd. Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at REFCO, LTD plus $1,000,000 in cash, were transferred to a Non-Trading account, as explained in Note 2(g). On December 31, 2005 the $56,544,206 of assets held at REFCO, LTD were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets. See Note (1) for discussion of the termination of LLC. The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders prior to the Termination Date. Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD Amounts Received from Balance of Collections in Excess of Cash Distributions to Non-Participating Additional Units in Trust for Participating Owners Date REFCO LTD Impaired Value Impaired Value Owners Units Dollars 12/29/06 $ 10,319,318 $ 6,643,944 $ - $ 4,180,958 54,914 $ 5,154,711 04/20/07 2,787,629 3,856,315 - - - - 06/07/07 265,758 3,590,557 - - - - 06/28/07 4,783,640 - 1,193,083 - - - 07/03/07 5,654 - 5,654 - - - 08/29/07 - - - 2,787,947 23,183 1,758,626 09/19/07 2,584,070 - 2,584,070 - - - 12/31/07 2,708,467 - 2,708,467 - - - 03/28/08 1,046,068 - 1,046,068 - - - 04/29/08 - - - 2,241,680 10,736 1,053,815 06/26/08 701,148 - 701,148 - - - 12/31/08 769,001 - 769,001 - - - 06/29/09 2,748,048 - 2,748,048 - - - 12/30/09 1,102,612 - 1,102,612 - - - 05/19/10 1,695,150 - 1,695,150 - - - 06/04/10 14,329,450 * - 14,329,450 * - - - 08/01/10 - - - 16,076,112 40,839 3,928,806 10/15/10 282,790 * - 282,790 * - - - 12/30/10 563,163 * - 563,163 * - - - 06/02/11 343,664 * - 343,664 * - - - 08/30/11 1,328,832 * - 1,328,832 * - - - 12/01/11 - - - 3,689,555 6,168 561,489 10/31/12 404,908 * - 404,908 * - - - 12/05/12 294,875 * - 294,875 * - - - 08/05/13 240,556 * - 240,556 * - - - 12/12/14 192,445 * - 192,445 * - - - Totals $ 49,497,246 $ - $ 32,533,984 $ 28,976,252 135,840 $ 12,457,447 *The collections on June 4, 2010 were from a settlement agreement reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections. See Item I: Note (1) for additional information on dissolution of the non-trading entity, JWH Special Circumstance, LLC. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (7) Fair Value Measurements In accordance with the Fair Value Measurements Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of any exchange-traded futures contracts and options fall into this category. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts, options on forward currency contracts and fixed income securities that are valued using models or other valuation methodologies derived from observable market data. Level 3 inputs are unobservable inputs for an asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of June 30, 2015 and December 31, 2014, the Trust did not have any Level 3 assets or liabilities. An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities. The Trust’s forward currency contracts and options on forward currency contracts are based on third-party quoted dealer values on the interbank market, based on similar assets or liabilities. The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, respectively: June 30, 2015 Level 1 Level 2 Level 3 Total Assets Unrealized gain on open contracts: Futures positions $ 244,945 $ - $ - $ 244,945 Forwards currency positions - 27,547 - 27,547 244,945 27,547 - 272,492 Liabilities Unrealized gain on open contracts: Futures positions (229,914 ) - - (229,914 ) Forwards currency positions - (13,004 ) - (13,004 ) Options written on futures contracts (35,071 ) - - (35,071 ) (264,985 ) (13,004 ) - (277,989 ) Total fair value $ (20,040 ) $ 14,543 $ - $ (5,497 ) December 31, 2014 Level 1 Level 2 Level 3 Total Assets Unrealized gain on open contracts: Futures positions $ 605,977 $ - $ - $ 605,977 Forwards currency positions - 18,225 - 18,225 605,977 18,225 - 624,202 Liabilities Unrealized gain on open contracts: Futures positions (113,500 ) - - (113,500 ) Forwards currency positions - (28,771 ) - (28,771 ) Options written on futures contracts (15,976 ) - - (15,976 ) (129,476 ) (28,771 ) - (158,247 ) Total fair value $ 476,501 $ (10,546 ) $ - $ 465,955 |
Operations
Operations | 6 Months Ended |
Jun. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Brokers and Dealers Disclosure [Text Block] | (8) Operations Redemptions A beneficial owner may cause any or all of his or her units to be redeemed by the Trust effective as of the last business day of any month based on the net asset value per unit on such date on five business days’ written notice to NAV Consulting, Inc., the Trust’s administrator, or the Managing Owner. Payment will generally be made within 10 business days of the effective date of the redemption. The Trust Agreement contains a full description of redemption and distribution policies. Subscriptions Investors that are eligible to participate in the private offering of the units may purchase units in the Trust pursuant to the terms of the Trust’s Confidential Private Placement Memorandum and disclosure document (the “Memorandum”) and a signed subscription form. The Trust Agreement and the Memorandum contain a full description of subscription policies. An investment in the Trust does not include a beneficial interest or investment in the LLC. Commissions The Managing Owner and/or affiliates act as commodity brokers for the Trust through RJO. Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are referred to as “round-turn commissions,” which cover both: the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. “Commission fee” includes the following across each class of units (1): Recipient Nature of Payment Class A Units Class B Units Class C Units Class D Units (2) Managing Owner Managing Owner Fee 0.50 % 0.50 % 0.50 % 0.50 % Selling Agents Selling Commission (monthly) 2.00 % 0.00 % 0.00 % 2.00 % Selling Agents Selling Commission (initial sales charge) (3) 0.00 % 0.00 % 0.00 % 2.00 % Managing Owner Wholesale Fee (4) 0.00 % 0.00 % 0.35 % 0.35 % Clearing Broker Clearing, NFA and exchange fees (approximately) (5) 2.60 % 2.60 % 2.60 % 2.60 % 5.10 % 3.10 % 3.45 % 7.45 % (1) The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations. Commissions are not paid with respect to the LLC’s net assets. (2) As of June 30, 2015, no Class D units had been sold. (3) Class D units may be subject to an initial sales charge of up to 2.00% of the subscription amount upon investment. (4) The Class C and Class D units are subject to a wholesaling fee of .35% to the Managing Owner to compensate agents who may facilitate distribution of such units. (5) Fees are charged as actually incurred. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Additional Financial Information Disclosure [Text Block] | (9) Financial Highlights The following financial highlights show the Trust’s financial performance of the Trading units by class for the three and six month periods ended June 30, 2015, and 2014, respectively. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole. As of June 30, 2015, no Class D units had been sold and, therefore, the Trust’s financial performance with respect to the class D units is not reflected below. Class A Class B Class C Class A Class B Class C Three months ended Three months ended Three months ended Six months ended Six months ended Six months ended June 30, June 30, June 30, June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Per share operating performance: Net asset value of Trading units, beginning of period $ 68.33 $ 62.81 $ 77.45 $ 69.77 $ - $ - $ 67.49 $ 71.25 $ 76.11 $ 78.74 $ - $ - Total Trading income (loss): Trading gain (loss) (6.87 ) 1.11 (7.80 ) 1.24 - - (3.68 ) (5.53 ) (4.23 ) (6.11 ) - - Investment income 0.00 0.02 - 0.02 - - 0.01 0.03 0.01 0.03 - - Expenses (1.98 ) (2.02 ) (1.90 ) (1.90 ) - - (4.34 ) (3.83 ) (4.14 ) (3.53 ) - - Trading income (loss) (8.85 ) (0.89 ) (9.70 ) (0.64 ) - - (8.01 ) (9.33 ) (8.36 ) (9.61 ) - - Net asset value of Trading units, end of period $ 59.48 $ 61.92 $ 67.75 $ 69.13 $ - $ - $ 59.48 $ 61.92 $ 67.75 $ 69.13 $ - $ - Total return: Total return before incentive fees (12.82 %) (1.41 %) (12.37 %) (0.92 %) - - (10.91 %) (13.09 %) (10.04 %) (12.21 %) - - Less incentive fee allocations (0.14 %) 0.00 % (0.15 %) 0.00 % - - (0.96 %) 0.00 % (0.94 %) 0.00 % - - Total return (12.96 %) (1.41 %) (12.52 %) (0.92 %) - - (11.87 %) (13.09 %) (10.98 %) (12.21 %) - - Ratios to average net assets: Trading income (loss) (14.22 %) (1.60 %) (13.51 %) (1.14 %) - - (11.96 %) (15.29 %) (11.03 %) (16.28 %) - - Expenses: Expenses, less incentive fees (3.01 %) (3.33 %) (2.50 %) (2.80 %) - - (5.72 %) (6.02 %) (4.64 %) (5.01 %) - - Incentive fees (0.14 %) 0.00 % (0.15 %) 0.00 % - - (0.96 %) 0.00 % (0.94 %) 0.00 % - - Total expenses (3.15 %) (3.33 %) (2.65 %) (2.80 %) - - (6.68 %) (6.02 %) (5.58 %) (5.01 %) - - The calculations above do not include activity within the Trust’s Non-Trading Accounts. The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the periods ended June 30, 2015 and 2014, respectively. The amounts are not annualized. |
Cash Management Agreement with
Cash Management Agreement with Affiliate | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | ( 10) Cash Management Agreement with Affiliate On October 6, 2010, the Managing Owner retained RJOIM, an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager. The assets managed by RJOIM are held in segregated accounts in custody at Wells. RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. As of August 1, 2014, RJOIM agreed to waive all advisory fees previously charged to the Trust, back to January 1, 2014, in response to a request by the Managing Owner for said rebate. This request was made due to the decrease in the size of the Trust’s deposit with RJOIM and the current interest rate environment. The total amount waived as of July 31, 2014, was $3,483. As of June 30, 2015, the Trust’s deposits held by RJOIM consisted of cash of $1.5 million. Advisory fees earned by RJOIM aggregated $0, and $0, for the three and six months ended June 30, 2015, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | (11) Derivative Instruments and Hedging Activities The Trust does not utilize “hedge accounting” and instead “marks-to-market” any derivatives through operations. Derivatives not designated as hedging instruments: As of June 30, 2015 Asset Liability Type of Derivatives Derivatives Net Futures Contracts Fair Value Fair Value Fair Value Agriculture $ 204,347 $ (161,406 ) $ 42,941 Currency 29,627 (29,551 ) 76 Energy 18,537 (32,131 ) (13,594 ) Indices 7,351 (42,097 ) (34,746 ) Interest Rates 3,618 (12,052 ) (8,434 ) Metals 9,010 (750 ) 8,260 $ 272,490 $ (277,987 ) $ (5,497 ) As of December 31, 2014 Asset Liability Type of Derivatives Derivatives Net Futures Contracts Fair Value Fair Value Fair Value Agriculture $ 119,669 $ (95,121 ) $ 24,548 Currency 60,876 (31,502 ) 29,374 Energy 218,011 (15,424 ) 202,587 Indices 12,875 (13,050 ) (175 ) Interest Rates 168,536 (2,275 ) 166,261 Metals 44,235 (875 ) 43,360 $ 624,202 $ (158,247 ) $ 465,955 The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts in the consolidated statements of financial condition as of June 30, 2015 and December 31, 2014, respectively. Trading gain (loss) for the following periods: Six Months Ended June 30, Type of Futures Contracts 2015 2014 Agriculture $ (18,170 ) $ 21,979 Currency (298,355 ) 47,491 Energy (54,835 ) (253,590 ) Indices (19,455 ) (606,093 ) Interest Rates 107,464 17,449 Metals (155,242 ) (329,162 ) $ (438,593 ) $ (1,101,926 ) Three Months Ended June 30, Type of Futures Contracts 2015 2014 Agriculture $ (45,178 ) $ 85,934 Currency (276,525 ) 21,774 Energy (54,979 ) (93,929 ) Indices (258,412 ) 62,045 Interest Rates (245,948 ) 250,587 Metals (23,837 ) (141,499 ) $ (904,879 ) $ 184,912 See Note (5) for additional information on the trading of derivatives not designed as hedging instruments (i.e., “speculative trading”) and the related risks. |
Offsetting
Offsetting | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Offsetting [Text Block] | (12) Offsetting As indicated in Note (1), the Trust’s assets are currently indirectly allocated to each of the Trading Companies. All of the Trading Companies utilize RJO as their clearing broker. Each Trading Company has its own separate clearing agreement with RJO, under which each of the Trading Companies are subject to master netting agreements or similar arrangements that allow RJO to offset any assets of the individual entity by any liabilities of the individual Trading Company, as necessary, if RJO determines that the amount of margin is not appropriate or the Trading Company is not able to perform. Each of the Trading Companies hold significant cash deposits with RJO, which can be and is used by the Trading Companies to settle any obligations due to RJO. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties and they do not apply across different Trading Companies. For financial reporting purposes, the Trust nets its similar derivative assets and liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following tables present the Trust’s derivative assets and liabilities by investment type and by counterparty, net of amounts available for offset under a master netting agreement, along with the related collateral received or pledged by the Trading Companies (cash on deposit with broker) as of June 30, 2015 and December 31, 2014, respectively: Offsetting of Derivative Assets As of June 30, 2015 As of December 31, 2014 Gross Gross Amounts Net Amounts of Assets Gross Gross Amounts Net Amounts of Assets Amounts of Offset in the Presented in the Amounts of Offset in the Presented in the Recognized Statement of Statement of Recognized Statement of Statement of Description Assets Financial Condition Financial Condition Assets Financial Condition Financial Condition Futures and forward contracts $ 272,492 $ (242,918 ) $ 29,574 $ 624,202 $ (142,271 ) $ 481,931 $ 272,492 $ (242,918 ) $ 29,574 $ 624,202 $ (142,271 ) $ 481,931 Derivative Assets and Collateral Held by Counterparty As of June 30, 2015 As of December 31, 2014 Net Amount of Net Amount of Assets in the Gross Amounts Not Offset in the Assets in the Gross Amounts Not Offset in the Individual Trading Companies Statement of Statement of Financial Condition Statement of Statement of Financial Condition (with derivative assets and Financial Financial Cash Collateral Net Financial Financial Cash Collateral Net collateral held by RJO) Condition Instruments Received Amount Condition Instruments Received Amount OASIS RCM, LLC $ 3,743 $ - $ - $ 3,743 $ - $ - $ - $ - OASIS PGR, LLC (58,178 ) - - (58,178 ) 297,570 - - 297,570 OASIS CIM, LLC 1,407 - - 1,407 - - - - OASIS ROW, LLC 49,933 - - 49,933 184,361 - - 184,361 OASIS TWC, LLC (1,911 ) - - (1,911 ) - - - - OASIS Claughton, LLC 34,580 - - 34,580 - - - - $ 29,574 $ - $ - $ 29,574 $ 481,931 $ - $ - $ 481,931 As of June 30, 2015 As of December 31, 2014 Net Amounts of Net Amounts of Gross Gross Amounts Liabilities Gross Gross Amounts Liabilities Amounts of Offset in the Presented in the Amounts of Offset in the Presented in the Recognized Statement of Statement of Recognized Statement of Statement of Description Liabilities Financial Condition Financial Condition Liabilities Financial Condition Financial Condition Futures and forward contracts $ 242,918 $ (242,918 ) $ - $ 142,271 $ (142,271 ) $ - Options written on futures contracts 35,071 - 35,071 15,976 - 15,976 $ 277,989 $ (242,918 ) $ 35,071 $ 158,247 $ (142,271 ) $ 15,976 Derivative Liabilities and Collateral Pledged by Counterparty As of June 30, 2015 As of December 31, 2014 Net Amount of Net Amount of Liabilities in Gross Amounts Not Offset in the Liabilities in Gross Amounts Not Offset in the Individual Trading Companies the Statement Statement of Financial Condition the Statement Statement of Financial Condition (with derivative liabilities and of Financial Financial Cash Deposits Net of Financial Financial Cash Deposits Net collateral held by RJO) Condition Instruments Held by Broker Amount Condition Instruments Held by Broker Amount OASIS RCM, LLC $ - $ - $ - $ - $ - $ - $ - $ - OASIS PGR, LLC - - - - - - - - OASIS CIM, LLC - - - - - - - - OASIS ROW, LLC 35,071 (35,071 ) - - 15,976 (15,976 ) - - OASIS TWC, LLC - - - - - - - - OASIS Claughton, LLC - - - - - - - - $ 35,071 $ (35,071 ) $ - $ - $ 15,976 $ (15,976 ) $ - $ - |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (13) Subsequent Events None. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | (a) Basis of Presentation The accompanying unaudited consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the financial condition and results of operations of the Trust for the periods presented have been included. The Trust’s unaudited consolidated financial statements and the related notes should be read together with the consolidated financial statements and related notes included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2014. While the Trust is not registered, and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended, it meets the definition of an investment company within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services - Investment Companies |
Consolidation, Policy [Policy Text Block] | (b) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Trust, its wholly-owned subsidiaries: the LLC through the Termination Date (see Note (1) above), the OASIS Centurion Investment Mgmt Series, OASIS Turing Wheel Capital Series, and OASIS Claughton Capital Series. The consolidated financial statements also include the controlling and majority equity interest in the OASIS Revolution Capital Management Series, OASIS PGR Capital Series and ROW Asset Mgmt. Series. Interests in such series of RJ OASIS not wholly-owned by the Trust are shown as non-controlling interests. All material intercompany transactions have been eliminated upon consolidation. |
Revenue Recognition, Policy [Policy Text Block] | (c) Revenue Recognition Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date. All such transactions are recorded on a mark-to-market basis and measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the reporting period or as of the last date of the consolidated financial statements. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated. The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid. For each series of RJ OASIS in which the Trust invests, that portion of the Trust’s net assets are deposited into an account of the relevant Trading Company held at RJO, the clearing broker and currency dealer for each Trading Company. For U.S. dollar deposits, 100% of interest earned on the series’ assets, calculated by the average four-week Treasury bill rate, is paid to the series. For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points. Any amounts received by RJO in excess of amounts paid to the series are retained by RJO. On October 6, 2010, the Managing Owner appointed RJOIM, an affiliate of the Managing Owner, to manage the Trust’s cash deposited with Wells. As of June 30, 2015, Wells held approximately $1.5 million of the Trust’s assets. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. |
Organization Offering and Related Costs [Policy Text Block] | ( d) Ongoing Offering Costs Ongoing offering costs, subject to a ceiling of 0.50% of the Trust’s average month-end net asset value, are paid by the Trust and accrued monthly. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (e) Foreign Currency Transactions Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates. Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | (f) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (g) Valuation of Assets Held at Refco Capital Markets, Ltd. The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statements of operations. As part of the winding down of the LLC, US Bank, as Manager of the LLC, has taken into full account the LLC’s liabilities and assets, and has made payment and otherwise provided for all remaining LLC’s debts and liabilities. See Note (6) for further details. |
New Accounting Pronouncements, Policy [Policy Text Block] | (h) Recent Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern: Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) |
Assets Held at Refco Capital 21
Assets Held at Refco Capital Markets, Ltd. (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract] | |
Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income [Table Text Block] | The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders prior to the Termination Date. Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD Amounts Received from Balance of Collections in Excess of Cash Distributions to Non-Participating Additional Units in Trust for Participating Owners Date REFCO LTD Impaired Value Impaired Value Owners Units Dollars 12/29/06 $ 10,319,318 $ 6,643,944 $ - $ 4,180,958 54,914 $ 5,154,711 04/20/07 2,787,629 3,856,315 - - - - 06/07/07 265,758 3,590,557 - - - - 06/28/07 4,783,640 - 1,193,083 - - - 07/03/07 5,654 - 5,654 - - - 08/29/07 - - - 2,787,947 23,183 1,758,626 09/19/07 2,584,070 - 2,584,070 - - - 12/31/07 2,708,467 - 2,708,467 - - - 03/28/08 1,046,068 - 1,046,068 - - - 04/29/08 - - - 2,241,680 10,736 1,053,815 06/26/08 701,148 - 701,148 - - - 12/31/08 769,001 - 769,001 - - - 06/29/09 2,748,048 - 2,748,048 - - - 12/30/09 1,102,612 - 1,102,612 - - - 05/19/10 1,695,150 - 1,695,150 - - - 06/04/10 14,329,450 * - 14,329,450 * - - - 08/01/10 - - - 16,076,112 40,839 3,928,806 10/15/10 282,790 * - 282,790 * - - - 12/30/10 563,163 * - 563,163 * - - - 06/02/11 343,664 * - 343,664 * - - - 08/30/11 1,328,832 * - 1,328,832 * - - - 12/01/11 - - - 3,689,555 6,168 561,489 10/31/12 404,908 * - 404,908 * - - - 12/05/12 294,875 * - 294,875 * - - - 08/05/13 240,556 * - 240,556 * - - - 12/12/14 192,445 * - 192,445 * - - - Totals $ 49,497,246 $ - $ 32,533,984 $ 28,976,252 135,840 $ 12,457,447 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014, respectively: June 30, 2015 Level 1 Level 2 Level 3 Total Assets Unrealized gain on open contracts: Futures positions $ 244,945 $ - $ - $ 244,945 Forwards currency positions - 27,547 - 27,547 244,945 27,547 - 272,492 Liabilities Unrealized gain on open contracts: Futures positions (229,914 ) - - (229,914 ) Forwards currency positions - (13,004 ) - (13,004 ) Options written on futures contracts (35,071 ) - - (35,071 ) (264,985 ) (13,004 ) - (277,989 ) Total fair value $ (20,040 ) $ 14,543 $ - $ (5,497 ) December 31, 2014 Level 1 Level 2 Level 3 Total Assets Unrealized gain on open contracts: Futures positions $ 605,977 $ - $ - $ 605,977 Forwards currency positions - 18,225 - 18,225 605,977 18,225 - 624,202 Liabilities Unrealized gain on open contracts: Futures positions (113,500 ) - - (113,500 ) Forwards currency positions - (28,771 ) - (28,771 ) Options written on futures contracts (15,976 ) - - (15,976 ) (129,476 ) (28,771 ) - (158,247 ) Total fair value $ 476,501 $ (10,546 ) $ - $ 465,955 |
Operations (Tables)
Operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | “Commission fee” includes the following across each class of units (1): Recipient Nature of Payment Class A Units Class B Units Class C Units Class D Units (2) Managing Owner Managing Owner Fee 0.50 % 0.50 % 0.50 % 0.50 % Selling Agents Selling Commission (monthly) 2.00 % 0.00 % 0.00 % 2.00 % Selling Agents Selling Commission (initial sales charge) (3) 0.00 % 0.00 % 0.00 % 2.00 % Managing Owner Wholesale Fee (4) 0.00 % 0.00 % 0.35 % 0.35 % Clearing Broker Clearing, NFA and exchange fees (approximately) (5) 2.60 % 2.60 % 2.60 % 2.60 % 5.10 % 3.10 % 3.45 % 7.45 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Financial Summary [Table Text Block] | The following financial highlights show the Trust’s financial performance of the Trading units by class for the three and six month periods ended June 30, 2015, and 2014, respectively. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole. As of June 30, 2015, no Class D units had been sold and, therefore, the Trust’s financial performance with respect to the class D units is not reflected below. Class A Class B Class C Class A Class B Class C Three months ended Three months ended Three months ended Six months ended Six months ended Six months ended June 30, June 30, June 30, June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 Per share operating performance: Net asset value of Trading units, beginning of period $ 68.33 $ 62.81 $ 77.45 $ 69.77 $ - $ - $ 67.49 $ 71.25 $ 76.11 $ 78.74 $ - $ - Total Trading income (loss): Trading gain (loss) (6.87 ) 1.11 (7.80 ) 1.24 - - (3.68 ) (5.53 ) (4.23 ) (6.11 ) - - Investment income 0.00 0.02 - 0.02 - - 0.01 0.03 0.01 0.03 - - Expenses (1.98 ) (2.02 ) (1.90 ) (1.90 ) - - (4.34 ) (3.83 ) (4.14 ) (3.53 ) - - Trading income (loss) (8.85 ) (0.89 ) (9.70 ) (0.64 ) - - (8.01 ) (9.33 ) (8.36 ) (9.61 ) - - Net asset value of Trading units, end of period $ 59.48 $ 61.92 $ 67.75 $ 69.13 $ - $ - $ 59.48 $ 61.92 $ 67.75 $ 69.13 $ - $ - Total return: Total return before incentive fees (12.82 %) (1.41 %) (12.37 %) (0.92 %) - - (10.91 %) (13.09 %) (10.04 %) (12.21 %) - - Less incentive fee allocations (0.14 %) 0.00 % (0.15 %) 0.00 % - - (0.96 %) 0.00 % (0.94 %) 0.00 % - - Total return (12.96 %) (1.41 %) (12.52 %) (0.92 %) - - (11.87 %) (13.09 %) (10.98 %) (12.21 %) - - Ratios to average net assets: Trading income (loss) (14.22 %) (1.60 %) (13.51 %) (1.14 %) - - (11.96 %) (15.29 %) (11.03 %) (16.28 %) - - Expenses: Expenses, less incentive fees (3.01 %) (3.33 %) (2.50 %) (2.80 %) - - (5.72 %) (6.02 %) (4.64 %) (5.01 %) - - Incentive fees (0.14 %) 0.00 % (0.15 %) 0.00 % - - (0.96 %) 0.00 % (0.94 %) 0.00 % - - Total expenses (3.15 %) (3.33 %) (2.65 %) (2.80 %) - - (6.68 %) (6.02 %) (5.58 %) (5.01 %) - - |
Derivative Instruments and He25
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives not designated as hedging instruments: As of June 30, 2015 Asset Liability Type of Derivatives Derivatives Net Futures Contracts Fair Value Fair Value Fair Value Agriculture $ 204,347 $ (161,406 ) $ 42,941 Currency 29,627 (29,551 ) 76 Energy 18,537 (32,131 ) (13,594 ) Indices 7,351 (42,097 ) (34,746 ) Interest Rates 3,618 (12,052 ) (8,434 ) Metals 9,010 (750 ) 8,260 $ 272,490 $ (277,987 ) $ (5,497 ) As of December 31, 2014 Asset Liability Type of Derivatives Derivatives Net Futures Contracts Fair Value Fair Value Fair Value Agriculture $ 119,669 $ (95,121 ) $ 24,548 Currency 60,876 (31,502 ) 29,374 Energy 218,011 (15,424 ) 202,587 Indices 12,875 (13,050 ) (175 ) Interest Rates 168,536 (2,275 ) 166,261 Metals 44,235 (875 ) 43,360 $ 624,202 $ (158,247 ) $ 465,955 |
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] | Trading gain (loss) for the following periods: Six Months Ended June 30, Type of Futures Contracts 2015 2014 Agriculture $ (18,170 ) $ 21,979 Currency (298,355 ) 47,491 Energy (54,835 ) (253,590 ) Indices (19,455 ) (606,093 ) Interest Rates 107,464 17,449 Metals (155,242 ) (329,162 ) $ (438,593 ) $ (1,101,926 ) Three Months Ended June 30, Type of Futures Contracts 2015 2014 Agriculture $ (45,178 ) $ 85,934 Currency (276,525 ) 21,774 Energy (54,979 ) (93,929 ) Indices (258,412 ) 62,045 Interest Rates (245,948 ) 250,587 Metals (23,837 ) (141,499 ) $ (904,879 ) $ 184,912 |
Offsetting (Tables)
Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | Offsetting of Derivative Assets As of June 30, 2015 As of December 31, 2014 Gross Gross Amounts Net Amounts of Assets Gross Gross Amounts Net Amounts of Assets Amounts of Offset in the Presented in the Amounts of Offset in the Presented in the Recognized Statement of Statement of Recognized Statement of Statement of Description Assets Financial Condition Financial Condition Assets Financial Condition Financial Condition Futures and forward contracts $ 272,492 $ (242,918 ) $ 29,574 $ 624,202 $ (142,271 ) $ 481,931 $ 272,492 $ (242,918 ) $ 29,574 $ 624,202 $ (142,271 ) $ 481,931 |
Schedule of Derivative Instruments [Table Text Block] | Derivative Assets and Collateral Held by Counterparty As of June 30, 2015 As of December 31, 2014 Net Amount of Net Amount of Assets in the Gross Amounts Not Offset in the Assets in the Gross Amounts Not Offset in the Individual Trading Companies Statement of Statement of Financial Condition Statement of Statement of Financial Condition (with derivative assets and Financial Financial Cash Collateral Net Financial Financial Cash Collateral Net collateral held by RJO) Condition Instruments Received Amount Condition Instruments Received Amount OASIS RCM, LLC $ 3,743 $ - $ - $ 3,743 $ - $ - $ - $ - OASIS PGR, LLC (58,178 ) - - (58,178 ) 297,570 - - 297,570 OASIS CIM, LLC 1,407 - - 1,407 - - - - OASIS ROW, LLC 49,933 - - 49,933 184,361 - - 184,361 OASIS TWC, LLC (1,911 ) - - (1,911 ) - - - - OASIS Claughton, LLC 34,580 - - 34,580 - - - - $ 29,574 $ - $ - $ 29,574 $ 481,931 $ - $ - $ 481,931 Derivative Liabilities and Collateral Pledged by Counterparty As of June 30, 2015 As of December 31, 2014 Net Amount of Net Amount of Liabilities in Gross Amounts Not Offset in the Liabilities in Gross Amounts Not Offset in the Individual Trading Companies the Statement Statement of Financial Condition the Statement Statement of Financial Condition (with derivative liabilities and of Financial Financial Cash Deposits Net of Financial Financial Cash Deposits Net collateral held by RJO) Condition Instruments Held by Broker Amount Condition Instruments Held by Broker Amount OASIS RCM, LLC $ - $ - $ - $ - $ - $ - $ - $ - OASIS PGR, LLC - - - - - - - - OASIS CIM, LLC - - - - - - - - OASIS ROW, LLC 35,071 (35,071 ) - - 15,976 (15,976 ) - - OASIS TWC, LLC - - - - - - - - OASIS Claughton, LLC - - - - - - - - $ 35,071 $ (35,071 ) $ - $ - $ 15,976 $ (15,976 ) $ - $ - |
Offsetting Liabilities [Table Text Block] | As of June 30, 2015 As of December 31, 2014 Net Amounts of Net Amounts of Gross Gross Amounts Liabilities Gross Gross Amounts Liabilities Amounts of Offset in the Presented in the Amounts of Offset in the Presented in the Recognized Statement of Statement of Recognized Statement of Statement of Description Liabilities Financial Condition Financial Condition Liabilities Financial Condition Financial Condition Futures and forward contracts $ 242,918 $ (242,918 ) $ - $ 142,271 $ (142,271 ) $ - Options written on futures contracts 35,071 - 35,071 15,976 - 15,976 $ 277,989 $ (242,918 ) $ 35,071 $ 158,247 $ (142,271 ) $ 15,976 |
Schedule of Investments (Detail
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Futures Positions | ||
Total unrealized gain on open contracts | $ 29,574 | $ 481,931 |
Short put options on futures contracts | ||
Fair Value of Options Written | (35,071) | (15,976) |
Long [Member] | ||
Futures Positions | ||
Fair Value on Open Contracts | 167,669 | 127,020 |
Short [Member] | ||
Futures Positions | ||
Fair Value on Open Contracts | $ (138,095) | $ 354,911 |
Future [Member] | Long [Member] | Agriculture Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 3.05% | (0.50%) |
Fair Value on Open Contracts | $ 228,668 | $ (52,553) |
Short put options on futures contracts | ||
Percentage of Net Assets | 3.05% | (0.50%) |
Future [Member] | Long [Member] | Foreign Exchange Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.04%) | 0.00% |
Fair Value on Open Contracts | $ (2,900) | $ 0 |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.04%) | 0.00% |
Future [Member] | Long [Member] | Energy Related Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.18%) | (0.12%) |
Fair Value on Open Contracts | $ (13,307) | $ (12,759) |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.18%) | (0.12%) |
Future [Member] | Long [Member] | Credit Risk Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.61%) | 0.00% |
Fair Value on Open Contracts | $ (45,808) | $ (175) |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.61%) | 0.00% |
Future [Member] | Long [Member] | Interest Rate Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.01%) | 1.59% |
Fair Value on Open Contracts | $ (1,032) | $ 166,261 |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.01%) | 1.59% |
Future [Member] | Long [Member] | Metal Derivatives [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.04%) | (0.01%) |
Fair Value on Open Contracts | $ (3,220) | $ (1,425) |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.04%) | (0.01%) |
Future [Member] | Short [Member] | Agriculture Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (2.27%) | 0.89% |
Fair Value on Open Contracts | $ (170,126) | $ 93,077 |
Short put options on futures contracts | ||
Percentage of Net Assets | (2.27%) | 0.89% |
Future [Member] | Short [Member] | Foreign Exchange Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.15%) | 0.38% |
Fair Value on Open Contracts | $ (11,567) | $ 39,919 |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.15%) | 0.38% |
Future [Member] | Short [Member] | Energy Related Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 0.26% | 2.05% |
Fair Value on Open Contracts | $ 19,183 | $ 215,346 |
Short put options on futures contracts | ||
Percentage of Net Assets | 0.26% | 2.05% |
Future [Member] | Short [Member] | Credit Risk Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 0.15% | 0.00% |
Fair Value on Open Contracts | $ 11,062 | $ 0 |
Short put options on futures contracts | ||
Percentage of Net Assets | 0.15% | 0.00% |
Future [Member] | Short [Member] | Interest Rate Contract [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.10%) | 0.00% |
Fair Value on Open Contracts | $ (7,402) | $ 0 |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.10%) | 0.00% |
Future [Member] | Short [Member] | Metal Derivatives [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 0.15% | 0.43% |
Fair Value on Open Contracts | $ 11,480 | $ 44,785 |
Short put options on futures contracts | ||
Percentage of Net Assets | 0.15% | 0.43% |
Foreign Exchange Forward [Member] | Long [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 0.07% | 0.26% |
Fair Value on Open Contracts | $ 5,268 | $ 27,671 |
Short put options on futures contracts | ||
Percentage of Net Assets | 0.07% | 0.26% |
Foreign Exchange Forward [Member] | Short [Member] | ||
Futures Positions | ||
Percentage of Net Assets | 0.12% | (0.36%) |
Fair Value on Open Contracts | $ 9,275 | $ (38,216) |
Short put options on futures contracts | ||
Percentage of Net Assets | 0.12% | (0.36%) |
Put Option [Member] | Short [Member] | ||
Short put options on futures contracts | ||
Fair Value of Options Written | $ (12,828) | $ (11,963) |
Put Option [Member] | Short [Member] | Agriculture Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.05%) | (0.11%) |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.05%) | (0.11%) |
Fair Value of Options Written | $ (3,688) | $ (11,963) |
Put Option [Member] | Short [Member] | Energy Related Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.12%) | 0.00% |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.12%) | 0.00% |
Fair Value of Options Written | $ (9,140) | $ 0 |
Call Option [Member] | Short [Member] | ||
Short put options on futures contracts | ||
Fair Value of Options Written | $ (22,243) | $ (4,013) |
Call Option [Member] | Short [Member] | Agriculture Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.16%) | (0.04%) |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.16%) | (0.04%) |
Fair Value of Options Written | $ (11,913) | $ (4,013) |
Call Option [Member] | Short [Member] | Energy Related Derivative [Member] | ||
Futures Positions | ||
Percentage of Net Assets | (0.14%) | 0.00% |
Short put options on futures contracts | ||
Percentage of Net Assets | (0.14%) | 0.00% |
Fair Value of Options Written | $ (10,330) | $ 0 |
Schedule of Investments (Deta28
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Parentheticals) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investment Holdings, Other than Securities [Line Items] | ||
Premiums Received | $ 36,422 | $ 16,012 |
Put Option [Member] | Short [Member] | Agriculture Derivative [Member] | ||
Investment Holdings, Other than Securities [Line Items] | ||
Premiums Received | 7,588 | 8,212 |
Put Option [Member] | Short [Member] | Energy Related Derivative [Member] | ||
Investment Holdings, Other than Securities [Line Items] | ||
Premiums Received | 10,240 | 0 |
Call Option [Member] | Short [Member] | Agriculture Derivative [Member] | ||
Investment Holdings, Other than Securities [Line Items] | ||
Premiums Received | 7,112 | 7,800 |
Call Option [Member] | Short [Member] | Energy Related Derivative [Member] | ||
Investment Holdings, Other than Securities [Line Items] | ||
Premiums Received | $ 11,482 | $ 0 |
General Information and Summa29
General Information and Summary (Details) | Dec. 12, 2014USD ($) | Aug. 05, 2013USD ($) | Dec. 05, 2012USD ($) | Oct. 31, 2012USD ($) | Dec. 01, 2011USD ($) | Aug. 30, 2011USD ($) | Jun. 02, 2011USD ($) | Dec. 30, 2010USD ($) | Oct. 15, 2010USD ($) | Aug. 01, 2010USD ($) | Jun. 04, 2010USD ($) | May. 19, 2010USD ($) | Dec. 30, 2009USD ($) | Jun. 29, 2009USD ($) | Dec. 31, 2008USD ($) | Jun. 26, 2008USD ($) | Apr. 29, 2008USD ($) | Mar. 28, 2008USD ($) | Dec. 31, 2007USD ($) | Sep. 19, 2007USD ($) | Aug. 29, 2007USD ($) | Jul. 03, 2007USD ($) | Jun. 28, 2007USD ($) | Dec. 31, 2005USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2013 | Dec. 31, 2006USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 31, 2005USD ($)shares |
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Number of Independent Trading Advisors | 6 | |||||||||||||||||||||||||||||
Percentage of Trust Assets Not Allocated to Trading Advisors | 22.02% | 22.02% | ||||||||||||||||||||||||||||
Trust Termination Description | The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following: (1) Beneficial Owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless Beneficial Owners holding more than 50% of the outstanding units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decrease in the NAV to less than $2,500,000; (8) a decline in the NAV per unit to $50 or less; (9) dissolution of the Trust; or (10) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust. | |||||||||||||||||||||||||||||
Trust Termination Date | Dec. 31, 2026 | |||||||||||||||||||||||||||||
Asset Impairment Charges (in Dollars) | $ 192,445 | $ 240,556 | $ 294,875 | $ 404,908 | $ 0 | $ 1,328,832 | $ 343,664 | $ 563,163 | $ 282,790 | $ 0 | $ 14,329,450 | $ 1,695,150 | $ 1,102,612 | $ 2,748,048 | $ 769,001 | $ 701,148 | $ 0 | $ 1,046,068 | $ 2,708,467 | $ 2,584,070 | $ 0 | $ 5,654 | $ 1,193,083 | $ 32,533,984 | ||||||
Payments of Capital Distribution (in Dollars) | $ 970,550 | |||||||||||||||||||||||||||||
Contingency Reserve Held by Bank (in Dollars) | $ 475,000 | 475,000 | ||||||||||||||||||||||||||||
Accounts Receivable, Net (in Dollars) | $ 22,310 | $ 22,310 | $ 0 | |||||||||||||||||||||||||||
United States of America, Dollars | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Interest Earned on Trust's Average Daily Balance on Deposit | For U.S. dollar deposits, 100% of interest earned on the Trust’s assets, calculated by the average four-week Treasury bill rate, is paid to the Trust. | |||||||||||||||||||||||||||||
Foreign Currencies [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Interest Earned on Trust's Average Daily Balance on Deposit | For non-U.S. dollar deposits, the current rate of interest is equal to a rate of one-month LIBOR less 100 basis points. | |||||||||||||||||||||||||||||
PGR Capital LLP [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 12.94% | 12.94% | ||||||||||||||||||||||||||||
Centurion Investment Management, LLC [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 20.71% | 20.71% | ||||||||||||||||||||||||||||
Turning Wheel Capital, Inc. [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 4.24% | 4.24% | ||||||||||||||||||||||||||||
Claughton Capital, LLC [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 2.80% | 2.80% | ||||||||||||||||||||||||||||
US Bank [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Compensation Terms for Manager of LLC | The LLC compensated US Bank, as manager, the following: (1) an initial acceptance fee of $120,000, (2) an annual fee of $25,000, (3) a distribution fee of $25,000 per distribution, (4) out-of-pocket expenses, and (5) an hourly fee for all personnel at the then expected hourly rate (initially $350 per hour). | |||||||||||||||||||||||||||||
Revolution Capital Management LLC [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 18.12% | 18.12% | ||||||||||||||||||||||||||||
ROW Asset Management, LLC [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Percentage of Trust Assets Allocated to Trading Advisor | 18.17% | 18.17% | ||||||||||||||||||||||||||||
LLC Equity/Non-Trading [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Financial Instruments, Owned, Principal Investments, at Fair Value (in Dollars) | $ 57,544,206 | |||||||||||||||||||||||||||||
Substitute Units Held by Affiliates (in Shares) | shares | 2,273,288 | |||||||||||||||||||||||||||||
Asset Impairment Charges (in Dollars) | $ 39,580,944 | |||||||||||||||||||||||||||||
Trust Pproceeds from Prior Clearing Broker in Bankruptcy (in Dollars) | $ 10,319,318 | |||||||||||||||||||||||||||||
Payments of Capital Distribution (in Dollars) | $ 9,335,669 | |||||||||||||||||||||||||||||
Held by Wells Fargo Bank N.A. [Member] | ||||||||||||||||||||||||||||||
General Information and Summary (Details) [Line Items] | ||||||||||||||||||||||||||||||
Investments and Cash (in Dollars) | $ 1,500,000 | $ 1,500,000 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Held by Wells Fargo Bank N.A. [Member] | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Investments and Cash | $ 1.5 |
Maximum [Member] | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Offering Costs as Percentage of Month-end Net Asset Value | 0.50% |
Fees (Details)
Fees (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Annual Rate [Member] | RPM [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 0.75% |
Annual Rate [Member] | Managing Owner [Member] | Effective October 22_ 2013 [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 0.50% |
Annual Rate [Member] | Trading Advisor [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 1.00% |
Monthly Rate [Member] | RPM [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 0.0625% |
Monthly Rate [Member] | Trading Advisor [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 0.083% |
Quarterly Rate [Member] | Class C and D Units [Member] | RPM [Member] | |
Fees (Details) [Line Items] | |
Management Fee as a Percentage of Net Assets | 10.00% |
Quarterly Rate [Member] | Trading Advisor [Member] | |
Fees (Details) [Line Items] | |
Advisors Incentive Fee as a Percentage of New Trading Profit | 25.00% |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Minimum [Member] | |
Income Taxes (Details) [Line Items] | |
Examination Period of State and Local Income Tax Returns | 3 years |
Maximum [Member] | |
Income Taxes (Details) [Line Items] | |
Examination Period of State and Local Income Tax Returns | 5 years |
Trading Activities and Relate33
Trading Activities and Related Risks (Details) | Jun. 30, 2015 |
Maximum [Member] | Fixed Income Securities [Member] | |
Trading Activities and Related Risks (Details) [Line Items] | |
Investment Owned, Percent of Net Assets | 40.00% |
Assets Held at Refco Capital 34
Assets Held at Refco Capital Markets, Ltd. (Details) - USD ($) | Dec. 12, 2014 | Aug. 05, 2013 | Dec. 05, 2012 | Oct. 31, 2012 | Dec. 01, 2011 | Aug. 30, 2011 | Jun. 02, 2011 | Dec. 30, 2010 | Oct. 15, 2010 | Aug. 01, 2010 | Jun. 04, 2010 | May. 19, 2010 | Dec. 30, 2009 | Jun. 29, 2009 | Dec. 31, 2008 | Jun. 26, 2008 | Apr. 29, 2008 | Mar. 28, 2008 | Dec. 31, 2007 | Sep. 19, 2007 | Aug. 29, 2007 | Jul. 03, 2007 | Jun. 28, 2007 | Dec. 31, 2005 | Dec. 31, 2006 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 31, 2005 |
Assets Held at Refco Capital Markets, Ltd. (Details) [Line Items] | |||||||||||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,506,518 | $ 1,506,518 | $ 512,044 | ||||||||||||||||||||||||||
Asset Impairment Charges | $ 192,445 | $ 240,556 | $ 294,875 | $ 404,908 | $ 0 | $ 1,328,832 | $ 343,664 | $ 563,163 | $ 282,790 | $ 0 | $ 14,329,450 | $ 1,695,150 | $ 1,102,612 | $ 2,748,048 | $ 769,001 | $ 701,148 | $ 0 | $ 1,046,068 | $ 2,708,467 | $ 2,584,070 | $ 0 | $ 5,654 | $ 1,193,083 | $ 32,533,984 | |||||
Amounts Received from Recovery of Impared Trust Before Distribution | 15,300,000 | ||||||||||||||||||||||||||||
Payments of Capital Distribution | $ 970,550 | ||||||||||||||||||||||||||||
Gross Proceeds, Percentage of Distribution | 57.25% | ||||||||||||||||||||||||||||
LLC Equity/Non-Trading [Member] | |||||||||||||||||||||||||||||
Assets Held at Refco Capital Markets, Ltd. (Details) [Line Items] | |||||||||||||||||||||||||||||
Financial Instruments, Owned, Principal Investments, at Fair Value | $ 57,544,206 | ||||||||||||||||||||||||||||
Substitute Units Held by Affiliates (in Shares) | 2,273,288 | ||||||||||||||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,000,000 | ||||||||||||||||||||||||||||
Assets Held-in-trust | $ 56,544,206 | ||||||||||||||||||||||||||||
Asset Impairment Charges | 39,580,944 | ||||||||||||||||||||||||||||
Net Assets Held-in-trust | $ 16,963,262 | ||||||||||||||||||||||||||||
Percentage of Fair Value Under Carring Value | 30.00% | ||||||||||||||||||||||||||||
Payments of Capital Distribution | $ 9,335,669 |
Assets Held at Refco Capital 35
Assets Held at Refco Capital Markets, Ltd. (Details) - Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM - USD ($) | Dec. 12, 2014 | Aug. 05, 2013 | Dec. 05, 2012 | Oct. 31, 2012 | Dec. 01, 2011 | Aug. 30, 2011 | Jun. 02, 2011 | Dec. 30, 2010 | Oct. 15, 2010 | Aug. 01, 2010 | Jun. 04, 2010 | May. 19, 2010 | Dec. 30, 2009 | Jun. 29, 2009 | Dec. 31, 2008 | Jun. 26, 2008 | Apr. 29, 2008 | Mar. 28, 2008 | Dec. 31, 2007 | Sep. 19, 2007 | Aug. 29, 2007 | Jul. 03, 2007 | Jun. 28, 2007 | Jun. 07, 2007 | Apr. 20, 2007 | Dec. 29, 2006 | Jun. 30, 2015 | |||||||||
Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM [Abstract] | ||||||||||||||||||||||||||||||||||||
Amounts Received from RCM | $ 192,445 | [1] | $ 240,556 | [1] | $ 294,875 | [1] | $ 404,908 | [1] | $ 0 | $ 1,328,832 | [1] | $ 343,664 | [1] | $ 563,163 | [1] | $ 282,790 | [1] | $ 0 | $ 14,329,450 | [1] | $ 1,695,150 | $ 1,102,612 | $ 2,748,048 | $ 769,001 | $ 701,148 | $ 0 | $ 1,046,068 | $ 2,708,467 | $ 2,584,070 | $ 0 | $ 5,654 | $ 4,783,640 | $ 265,758 | $ 2,787,629 | $ 10,319,318 | $ 49,497,246 |
Balance of Impaired Value | $ 192,445 | $ 240,556 | $ 294,875 | $ 404,908 | 0 | $ 1,328,832 | $ 343,664 | $ 563,163 | $ 282,790 | 0 | $ 14,329,450 | 1,695,150 | 1,102,612 | 2,748,048 | 769,001 | 701,148 | 0 | 1,046,068 | 2,708,467 | 2,584,070 | 0 | 5,654 | 1,193,083 | 32,533,984 | ||||||||||||
Collections in Excess of Impaired Value | 3,689,555 | 16,076,112 | 2,241,680 | 2,787,947 | 0 | 0 | 4,180,958 | 28,976,252 | ||||||||||||||||||||||||||||
Cash Distributions to Non-Participating Owners | $ 0 | $ 0 | $ 0 | $ 0 | $ 561,489 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,928,806 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,053,815 | $ 0 | $ 0 | $ 0 | $ 1,758,626 | $ 0 | $ 0 | $ 0 | $ 0 | $ 5,154,711 | $ 12,457,447 | |||||||||
[1] | The collections on June 4, 2010 were from a settlement agreement reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Unrealized gain on open contracts: | ||
Futures positions | $ 29,574 | $ 481,931 |
Unrealized gain on open contracts: | ||
Options written on futures contracts | (35,071) | (15,976) |
Fair Value, Measurements, Recurring [Member] | ||
Unrealized gain on open contracts: | ||
Futures positions | 244,945 | 605,977 |
Forwards currency positions, assets | 27,547 | 18,225 |
Total assets | 272,492 | 624,202 |
Unrealized gain on open contracts: | ||
Futures positions | (229,914) | (113,500) |
Forwards currency positions, liabilities | (13,004) | (28,771) |
Options written on futures contracts | (35,071) | (15,976) |
Total liabilities | (277,989) | (158,247) |
Total fair value | (5,497) | 465,955 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unrealized gain on open contracts: | ||
Futures positions | 244,945 | 605,977 |
Forwards currency positions, assets | 0 | 0 |
Total assets | 244,945 | 605,977 |
Unrealized gain on open contracts: | ||
Futures positions | (229,914) | (113,500) |
Forwards currency positions, liabilities | 0 | 0 |
Options written on futures contracts | (35,071) | (15,976) |
Total liabilities | (264,985) | (129,476) |
Total fair value | (20,040) | 476,501 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unrealized gain on open contracts: | ||
Futures positions | 0 | 0 |
Forwards currency positions, assets | 27,547 | 18,225 |
Total assets | 27,547 | 18,225 |
Unrealized gain on open contracts: | ||
Futures positions | 0 | 0 |
Forwards currency positions, liabilities | (13,004) | (28,771) |
Options written on futures contracts | 0 | 0 |
Total liabilities | (13,004) | (28,771) |
Total fair value | 14,543 | (10,546) |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unrealized gain on open contracts: | ||
Futures positions | 0 | 0 |
Forwards currency positions, assets | 0 | 0 |
Total assets | 0 | 0 |
Unrealized gain on open contracts: | ||
Futures positions | 0 | 0 |
Forwards currency positions, liabilities | 0 | 0 |
Options written on futures contracts | 0 | 0 |
Total liabilities | 0 | 0 |
Total fair value | $ 0 | $ 0 |
Operations (Details)
Operations (Details) - 6 months ended Jun. 30, 2015 | Total |
Operations (Details) [Line Items] | |
Written Notice Period for Redemption | 5 days |
Payment Period for Redemption of Units | 10 days |
Capital Unit, Class D [Member] | |
Operations (Details) [Line Items] | |
Selling Commission | 2.00% |
Class C and D Units [Member] | |
Operations (Details) [Line Items] | |
Wholesaling Fee, Percentage | 35.00% |
Operations (Details) - Schedule
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit | 6 Months Ended | |
Jun. 30, 2015 | ||
Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 5.10% |
Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 3.10% |
Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 3.45% |
Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2] | 7.45% |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.50% |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.50% |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.50% |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2] | 0.50% |
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[3] | 0.35% |
Managing Owner [Member] | Wholesale Fee [Member] | Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2],[3] | 0.35% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 2.00% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2] | 2.00% |
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1] | 0.00% |
Selling Agent [Member] | Selling Commission (Initial Sales Charge) [Member] | Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2],[4] | 2.00% |
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[5] | 2.60% |
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[5] | 2.60% |
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class C [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[5] | 2.60% |
Clearing Broker [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class D [Member] | ||
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ||
Brokerage Fee | [1],[2],[5] | 2.60% |
[1] | The above costs, fees and expenses are reflected in the commission by class line on the consolidated statement of operations. Commissions are not paid with respect to the LLC's net assets. | |
[2] | As of June 30, 2015, no Class D units had been sold. | |
[3] | The Class C and Class D units are subject to a wholesaling fee of .35% to the Managing Owner to compensate agents who may facilitate distribution of such units. | |
[4] | Class D units may be subject to an initial sales charge of up to 2.00% of the subscription amount upon investment. | |
[5] | Fees are charged as actually incurred. |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Finanacial Highlights - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Capital Unit, Class A [Member] | ||||
Per share operating performance: | ||||
Net asset value of Trading units, beginning of period (in Dollars per share) | $ 68.33 | $ 62.81 | $ 67.49 | $ 71.25 |
Total Trading income (loss): | ||||
Trading gain (loss) (in Dollars per share) | (6.87) | 1.11 | (3.68) | (5.53) |
Investment income (in Dollars per share) | 0 | 0.02 | 0.01 | 0.03 |
Expenses (in Dollars per share) | (1.98) | (2.02) | (4.34) | (3.83) |
Trading income (loss) (in Dollars per share) | (8.85) | (0.89) | (8.01) | (9.33) |
Net asset value of Trading units, end of period (in Dollars per share) | $ 59.48 | $ 61.92 | $ 59.48 | $ 61.92 |
Total return: | ||||
Total return before incentive fees | (12.82%) | (1.41%) | (10.91%) | (13.09%) |
Less incentive fee allocations | (0.14%) | 0.00% | (0.96%) | 0.00% |
Total return | (12.96%) | (1.41%) | (11.87%) | (13.09%) |
Ratios to average net assets: | ||||
Trading income (loss) | (14.22%) | (1.60%) | (11.96%) | (15.29%) |
Expenses: | ||||
Expenses, less incentive fees | (3.01%) | (3.33%) | (5.72%) | (6.02%) |
Incentive fees | (0.14%) | 0.00% | (0.96%) | 0.00% |
Total expenses | (3.15%) | (3.33%) | (6.68%) | (6.02%) |
Capital Unit, Class B [Member] | ||||
Per share operating performance: | ||||
Net asset value of Trading units, beginning of period (in Dollars per share) | $ 77.45 | $ 69.77 | $ 76.11 | $ 78.74 |
Total Trading income (loss): | ||||
Trading gain (loss) (in Dollars per share) | (7.80) | 1.24 | (4.23) | (6.11) |
Investment income (in Dollars per share) | 0 | 0.02 | 0.01 | 0.03 |
Expenses (in Dollars per share) | (1.90) | (1.90) | (4.14) | (3.53) |
Trading income (loss) (in Dollars per share) | (9.70) | (0.64) | (8.36) | (9.61) |
Net asset value of Trading units, end of period (in Dollars per share) | $ 67.75 | $ 69.13 | $ 67.75 | $ 69.13 |
Total return: | ||||
Total return before incentive fees | (12.37%) | (0.92%) | (10.04%) | (12.21%) |
Less incentive fee allocations | (0.15%) | 0.00% | (0.94%) | 0.00% |
Total return | (12.52%) | (0.92%) | (10.98%) | (12.21%) |
Ratios to average net assets: | ||||
Trading income (loss) | (13.51%) | (1.14%) | (11.03%) | (16.28%) |
Expenses: | ||||
Expenses, less incentive fees | (2.50%) | (2.80%) | (4.64%) | (5.01%) |
Incentive fees | (0.15%) | 0.00% | (0.94%) | 0.00% |
Total expenses | (2.65%) | (2.80%) | (5.58%) | (5.01%) |
Capital Unit, Class C [Member] | ||||
Per share operating performance: | ||||
Net asset value of Trading units, beginning of period (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Total Trading income (loss): | ||||
Trading gain (loss) (in Dollars per share) | 0 | 0 | 0 | 0 |
Investment income (in Dollars per share) | 0 | 0 | 0 | 0 |
Expenses (in Dollars per share) | 0 | 0 | 0 | 0 |
Trading income (loss) (in Dollars per share) | 0 | 0 | 0 | 0 |
Net asset value of Trading units, end of period (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Total return: | ||||
Total return before incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Less incentive fee allocations | 0.00% | 0.00% | 0.00% | 0.00% |
Total return | 0.00% | 0.00% | 0.00% | 0.00% |
Ratios to average net assets: | ||||
Trading income (loss) | 0.00% | 0.00% | 0.00% | 0.00% |
Expenses: | ||||
Expenses, less incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses | 0.00% | 0.00% | 0.00% | 0.00% |
Cash Management Agreement wit40
Cash Management Agreement with Affiliate (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 7 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | |
Cash Management Agreement with Affiliate (Details) [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,506,518 | $ 1,506,518 | $ 512,044 | |||
Noninterest Expense Investment Advisory Fees | 0 | $ 1,281 | $ 3,188 | |||
Affiliated Entity [Member] | ||||||
Cash Management Agreement with Affiliate (Details) [Line Items] | ||||||
Management Fee, Description | RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. | |||||
Advisory Fees Waived | $ 3,483 | |||||
Cash and Cash Equivalents, at Carrying Value | 1,500,000 | $ 1,500,000 | ||||
Noninterest Expense Investment Advisory Fees | $ 0 | $ 0 |
Derivative Instruments and He41
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 272,492 | $ 624,202 |
Future [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 272,490 | 624,202 |
Liability Derivatives Fair Value | (277,987) | (158,247) |
Net Fair Value | (5,497) | 465,955 |
Future [Member] | Not Designated as Hedging Instrument [Member] | Agriculture Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 204,347 | 119,669 |
Liability Derivatives Fair Value | (161,406) | (95,121) |
Net Fair Value | 42,941 | 24,548 |
Future [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 29,627 | 60,876 |
Liability Derivatives Fair Value | (29,551) | (31,502) |
Net Fair Value | 76 | 29,374 |
Future [Member] | Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 18,537 | 218,011 |
Liability Derivatives Fair Value | (32,131) | (15,424) |
Net Fair Value | (13,594) | 202,587 |
Future [Member] | Not Designated as Hedging Instrument [Member] | Credit Risk Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 7,351 | 12,875 |
Liability Derivatives Fair Value | (42,097) | (13,050) |
Net Fair Value | (34,746) | (175) |
Future [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 3,618 | 168,536 |
Liability Derivatives Fair Value | (12,052) | (2,275) |
Net Fair Value | (8,434) | 166,261 |
Future [Member] | Not Designated as Hedging Instrument [Member] | Metal Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 9,010 | 44,235 |
Liability Derivatives Fair Value | (750) | (875) |
Net Fair Value | $ 8,260 | $ 43,360 |
Derivative Instruments and He42
Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | $ (904,879) | $ 184,912 | $ (438,593) | $ (1,101,926) |
Future [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (904,879) | 184,912 | (438,593) | (1,101,926) |
Future [Member] | Agriculture Derivative [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (45,178) | 85,934 | (18,170) | 21,979 |
Future [Member] | Foreign Exchange Contract [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (276,525) | 21,774 | (298,355) | 47,491 |
Future [Member] | Energy Related Derivative [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (54,979) | (93,929) | (54,835) | (253,590) |
Future [Member] | Credit Risk Contract [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (258,412) | 62,045 | (19,455) | (606,093) |
Future [Member] | Interest Rate Contract [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | (245,948) | 250,587 | 107,464 | 17,449 |
Future [Member] | Metal Derivatives [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Trading gain (loss) | $ (23,837) | $ (141,499) | $ (155,242) | $ (329,162) |
Offsetting (Details) - Offsetti
Offsetting (Details) - Offsetting Assets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 272,492 | $ 624,202 |
Gross Amounts Offset in the Statement of Financial Condition | (242,918) | (142,271) |
Net Amounts of Assets Presented in the Statement of Financial Condition | 29,574 | 481,931 |
Futures and Forward Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 272,492 | 624,202 |
Gross Amounts Offset in the Statement of Financial Condition | (242,918) | (142,271) |
Net Amounts of Assets Presented in the Statement of Financial Condition | $ 29,574 | $ 481,931 |
Offsetting (Details) - Schedule
Offsetting (Details) - Schedule of Derivative Instruments - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | $ 29,574 | $ 481,931 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | (242,918) | (142,271) |
Net Amount of Liabilities in the Statement of Financial Condition | 35,071 | 15,976 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | (242,918) | (142,271) |
Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | 29,574 | 481,931 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 29,574 | 481,931 |
Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 35,071 | 15,976 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | (35,071) | (15,976) |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
OASIS RCM, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | 3,743 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 3,743 | 0 |
OASIS RCM, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
OASIS PGR, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | (58,178) | 297,570 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | (58,178) | 297,570 |
OASIS PGR, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
OASIS CIM, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | 1,407 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 1,407 | 0 |
OASIS CIM, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
OASIS ROW, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | 49,933 | 184,361 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 49,933 | 184,361 |
OASIS ROW, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 35,071 | 15,976 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | (35,071) | (15,976) |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
OASIS TWC, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | (1,911) | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | (1,911) | 0 |
OASIS Claughton, LLC [Member] | Derivative Assets and Collateral Held by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Assets in the Statement of Financial Condition | 34,580 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral Received | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 34,580 | 0 |
OASIS Claughton, LLC [Member] | Derivative Liabilities and Collateral Pledged by Company [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | 0 | 0 |
Derivative Liabilities and Collateral Pledged by Company [Member] | OASIS TWC, LLC [Member] | ||
Derivative [Line Items] | ||
Net Amount of Liabilities in the Statement of Financial Condition | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Deposits Held by Broker | 0 | 0 |
Gross Amounts Not Offset in the Statement of Financial Condition, Net Amount | $ 0 | $ 0 |
Offsetting (Details) - Offset45
Offsetting (Details) - Offsetting Liabilities - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 277,989 | $ 158,247 |
Gross Amounts Offset in the Statement of Financial Condition | (242,918) | (142,271) |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | 35,071 | 15,976 |
Futures and Forward Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 242,918 | 142,271 |
Gross Amounts Offset in the Statement of Financial Condition | (242,918) | (142,271) |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | 0 | 0 |
Options Written on Futures Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 35,071 | 15,976 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amounts of Liabilities Presented in the Statement of Financial Condition | $ 35,071 | $ 15,976 |